Why Is It Crucial To Renew Your Auto Insurance Policy Before It Expires Bajaj Allianz


If you are someone who made the decision to spend a few lakh rupees to get the car of your choice, you would also have made the decision to spend a few thousand rupees to make sure that the car does not push you to spend a bomb above in the event of an accident.

However, when it comes to renewing insurance, many car owners don’t. About 60% of the vehicles in our country are uninsured and this huge percentage of uninsured vehicles is an even bigger problem considering that over 5 lakh of accidents are reported in India every year with over 1.5 lakh of death. In addition, according to the latest figures released by the National Crime Records Bureau, around 2.5 lakh of vehicles are stolen in India each year, of which only around 25% are recovered.[1].

Importance of insurance

Buying a set auto insurance online can protect you from a financial setback if you are the recipient of these statistics. A good auto insurance policy not only covers the cost of repairs in the event of an accident to your vehicle, it also protects you from financial and legal difficulties. Plus, comprehensive auto coverage also protects you against financial loss due to vehicle theft, natural and man-made disasters, and even mechanical breakdown.

Of course, auto insurance in India is also compulsory according to Motor Vehicle Law. And whichever insurance company you purchase your auto or two-wheeler insurance from, it must be renewed at regular intervals. During renewal, you can choose to continue with your current insurer or switch to another insurer that better meets your needs.

With online facilities, the renewal process is now extremely convenient and streamlined. Renewing insurance online is pretty straightforward and in fact it’s a time-saving process as you don’t need to contact an agent or go to the insurance company’s office. Renewing your auto insurance before it expires will protect you and your vehicle at all times.

Here’s why you should renew your auto insurance policy before it expires:

1. If you don’t renew, you are breaking the law!

The first and foremost reason to renew your auto insurance on time is to comply with the Motor Vehicle Act, 1988. Under this law, a person who drives a vehicle without valid insurance can be fined Rs 2,000. for the first offense and Rs 4,000 for the first offense. a subsequent offense. Plus, you even risk a jail term of up to three months. Whether your four-wheeled vehicle is on the road or not, it should be insured at least with a third party auto insurance Politics.

2. Due date of the non-claim premium (PNE)

We know that one of the benefits of auto insurance is that the insurer is required to pay for any damages incurred during the term of the policy, but there is also a reward for responsible drivers who have managed to keep their car safe for a year of insurance. . This reward comes in the form of an NCB, which is a concession on the premium paid when renewing comprehensive motor vehicle insurance.

If the car owner has not made a claim during the term of the policy, he / she is entitled to an NCB from the insurance company, which can be up to 50 percent of the annual premium. However, if the insurance expires, there is a possibility of forfeiture of the NCB. To enjoy the benefits of the NCB, it is mandatory to renew the auto insurance policy on time.

3. Rejection of a complaint

Due to the lockdown and the pandemic in general, your car may be used in a limited way, but that does not change the possibility of uncertainty, whether it is due to an unfortunate accident or even a falling tree. on the car while it is parked. You can’t predict an accident, and at such times auto insurance acts as a shield. Policy renewal is extremely important if you want to make a claim. If auto insurance is not renewed and you request a claim after it expires, your claim will be dismissed without further investigation.

4. Theft, vandalism and other threats

Theft is one of the major crimes in India and unfortunately vehicle theft is on the increase. Did you know that around 125 cars are stolen per day in Delhi alone? Across the country, there are 2.5 lakh reported cases of auto theft each year. With such a rising crime rate, auto insurance is highly demanded. Insurance companies also protect you financially against vehicle theft as long as your comprehensive insurance policy is valid.

Vandalism – the act of willful damage to public or private property is also common in our country. Cars parked in unsecured settlements or on public property can become an easy target for crowds or criminals. Another threat to your car is excessive heat which can damage itself. Insurance can protect your car against these threats and cover the expenses or losses incurred. It is therefore crucial that you protect your car against these possibilities by renewing your auto insurance policy on time so that it never expires and your car is always protected.

Choosing the right insurance company

Apart from understanding the importance of insurance, it is also crucial that you choose a reliable service provider. Bajaj Allianz General Insurance is one of the most reliable insurers.

With online purchase and auto insurance renewal installation, Bajaj Allianz provides flexible, cashless claims settlement at more than 4,000 garages across the country. Simply enter your PIN code and find the nearest garage. With one of the highest claims settlement rates in the country, Bajaj Allianz also offers 24/7 supplemental calling and roadside assistance, any time of the day. The best part is that if you change your insurer to Bajaj Allianz it allows the transfer of the no-claims bonus up to 50 percent depending on the details of the previous policy. This ensures that you don’t lose your PNE from your previous insurer.

Taking precautions and maintaining social distancing is the need of the moment, but something as necessary as a car insurance renewal shouldn’t be put on hold. The easiest and easiest way to renew the policy is online. You can evaluate your quote with the car insurance premium calculator on the Bajaj Allianz website and pay online. It’s safe, quick and easy! Insurance is the subject of the solicitation. For more details on the benefits, exclusions, limitations, terms and conditions, please read the sales brochure / policy wording carefully before making a sale.

Disclaimer: This content has been distributed by Bajaj Allianz General Insurance. No TNIE journalist is involved in the creation of this content.

[1] https://ncrb.gov.in/sites/default/files/CII%202019%20Volume%203.pdf

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